HomeMy WebLinkAbout2007/10/22 - ADMIN - Agenda Packets - City Council - RegularAGENDA SUMMARY
SPECIAL CITY COUNCIL MEETING
ST. LOUIS PARK, MINNESOTA
COUNCIL CHAMBERS
October 22, 2007
6:30 p.m.
6:30 p.m. SPECIAL CITY COUNCIL MEETING
1. Call to Order
1a. Pledge of Allegiance
1b. Roll Call
2. Public Hearing
2a. Public Hearing and Resolution Amending the Project Description Relating To Its
Health Care Facilities Revenue Bonds (Park Nicollet Health Care Services),
Series 2007B
Recommended Action:
Conduct Public Hearing and adopt Resolution revising the size of the building up
to 82,000 square feet.
3. Adjournment
Auxiliary aids for individuals with disabilities are available upon request. To make arrangements, please call
the Administration Department at 952/924-2525 (TDD 952/924-2518) at least 96 hours in advance of meeting.
Meeting Date: October 22, 2007
Agenda Item #: 2a
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Public Hearing and Resolution Amending the Project Description Relating To Its Health Care
Facilities Revenue Bonds (Park Nicollet Health Care Services), Series 2007B
RECOMMENDED ACTION:
Conduct Public Hearing and adopt Resolution revising the size of the building up to 82,000
square feet.
POLICY CONSIDERATION:
This action is consistent with our approved policy for issuing private activity revenue bonds.
BACKGROUND:
On October 1 the City Council authorized Park Nicollet Health Services (PNHS) to issue bonds
in an amount not to exceed $107,000,000 for the Cancer Center, Orange Lot Ramp, and Eating
Disorder Institute. Due to some miscommunication, the size of the building included in the
project description was listed as 26,000 square feet. The total amount of the addition is 82,000
square feet. Since this is a material difference bond counsel has asked us to re-advertise and
conduct a new public hearing in order to meet Department of Employment and Economic
Development requirements. This public hearing is the final step from the city in completing that
transaction.
FINANCIAL OR BUDGET CONSIDERATION:
These bonds are not obligations of the city in any respect. They are payable solely from
revenues of the Obligated Group (Park Nicollet Clinic, Methodist Hospital and other wholly
owned entities of Park Nicollet Health Services). PNHS will pay a fee of 1/8th of one percent (in
two semi-annual payments) to the city on any bonds outstanding each year. These monies will
be deposited in the city’s Housing Rehabilitation fund.
VISION CONSIDERATION:
None at this time.
Attachments: Resolution
Prepared by: Bruce DeJong, Finance Director
Approved by: Tom Harmening, City Manager
Special Meeting of October 22, 2007 Page 2
Subject: Public Hearing – Park Nicollet Bonds
RESOLUTION NO. ___________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ST. LOUIS
PARK, MINNESOTA, AMENDING THE PROJECT DESCRIPTION
RELATING TO ITS HEALTH CARE FACILITIES REVENUE BONDS
(PARK NICOLLET HEALTH SERVICES), SERIES 2007B, FOR THE
BENEFIT OF PARK NICOLLET HEALTH SERVICES, PARK NICOLLET
METHODIST HOSPITAL, PARK NICOLLET INSTITUTE, PARK
NICOLLET CLINIC, PNMC HOLDINGS, AND PARK NICOLLET HEALTH
CARE PRODUCTS
Resolved by the City Council of the City of St. Louis Park, Minnesota (the “City”):
Pursuant to Resolution No. 07-103, adopted on October 1, 2007 (the “Resolution”), the City
authorized the issuance, sale, and delivery of the City’s Health Care Facilities Revenue Bonds (Park
Nicollet Health Services), Series 2007B-1, and its Health Care Facilities Revenue Bonds (Park
Nicollet Health Services), Series 2007B-2 (collectively, the “Series 2007B Bonds”), in the
approximate aggregate principal amount not to exceed $107,000,000, for the benefit of Park Nicollet
Health Services, a Minnesota nonprofit corporation, Park Nicollet Methodist Hospital, a Minnesota
nonprofit corporation, Park Nicollet Institute, a Minnesota nonprofit corporation, Park Nicollet
Clinic, a Minnesota association that has elected to be treated as a nonprofit corporation, PNMC
Holdings, a Minnesota nonprofit corporation, and Park Nicollet Health Care Products, a Minnesota
nonprofit corporation (collectively, the “Obligated Group”);
The Resolution is hereby amended to modify the description of the project to be financed by
the Series 2007B Bonds as follows:
The project to be financed with the proceeds of the Series 2007B Bonds shall include: (i) the
acquisition, construction, and equipping of an approximately 82,000 square foot building
which will house the Obligated Group’s Cancer Center and related facilities with
approximately 31,000 square feet of the building reserved for future expansion, to be located
at 6490 Excelsior Boulevard in the City, (ii) the acquisition, construction, and equipping of a
new parking ramp which will include approximately 1,700 parking stalls adjacent to the
Cancer Center, (iii) the redesign and renovation of the emergency center at Park Nicollet
Methodist Hospital located at 6500 Excelsior Boulevard in the City, (iv) the construction and
equipping of a new north common entrance to Park Nicollet Methodist Hospital, the
Meadowbrook Building, and the new Cancer Center, and (v) the acquisition, construction,
and equipping of an approximately 69,000 square foot Eating Disorders Institute, including a
parking ramp and surface lot with an estimated 220 parking stalls, to be located at 3515 Belt
Line Boulevard in the City (collectively, the “Project”).
Reviewed for Administration Adopted by the City Council October 22, 2007.
City Manager Mayor
Attest:
City Clerk